Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

<ul><li>TRX Gold Corporation is a junior gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the state mining development company.</li><li> High gold prices helped deliver record results for the end of fiscal 2025.</li><li>The Company announced plans to add additional processing capacity to boost its production growth profile and capture this price appreciation.</li></ul>

TRX Gold Corporation is a junior gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the state mining development company. High gold prices helped deliver record results for the end of fiscal 2025.The Company announced plans to add additional processing capacity to boost its production growth profile and capture this price appreciation.

Our valuation is based on a NAV analysis for the Company based on its 55% ownership in the Buckreef Gold Mine

<ul><li>TRX Gold Corporation is a gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the State Mining Corporation ("STAMICO").</li><li> An investment in the Company gives leverage to a growing production profile based on a sound PEA business plan, capitalizing on higher gold prices and the ability to be self-funded.</li><li>This plan sees production growth from 27,000 to over 90,000 ounces per year over the next five years.</li></ul>

TRX Gold Corporation is a gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the State Mining Corporation ("STAMICO"). An investment in the Company gives leverage to a growing production profile based on a sound PEA business plan, capitalizing on higher gold prices and the ability to be self-funded.This plan sees production growth from 27,000 to over 90,000 ounces per year over the next five years.

TRX Gold Corporation is a gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the State Mining Corporation ("STAMICO").

Canada

TRX Gold Corporation operates as a mining company. The Company provides gold mining services. Tanzanian Gold serves customers in Canada.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TRX Gold (TRX US)

Our valuation is based on a NAV analysis for the Company based on its 55% ownership in the Buckreef Gold Mine

TRX Gold Corporation is a junior gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the state mining...

Zacks Small Cap Research

TRX Gold Corporation is a gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the State Mining Corporation ("STAMICO").

TRX Gold Corporation is a gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the State Mining Corporation...

Zacks Small Cap Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)